This article first appeared in Capital, The Edge Malaysia Weekly on May 4, 2026 - May 10, 2026
FOREIGN worker recruitment and management service provider Manforce Group Bhd (KL:MFGROUP) remains unfazed by potential changes in government policies on foreign labour.
In an email interview with The Edge, group managing director and largest shareholder Datuk Wong Boon Ming says such policy shifts, including quota timing, are part of the industry landscape.
“Our approach is to manage this through staggered recruitment, close coordination with customers and flexibility in deployment.
“If there is a freeze on recruitment, we may extend the utilisation timeframe for the relevant IPO (initial public offering) proceeds or reallocate such proceeds for other working capital purposes, subject to applicable requirements,” he says.
Currently listed on the LEAP Market, Manforce is set to transfer to the ACE Market of Bursa Malaysia on May 6, becoming a fully listed entity.
The IPO comprises 79.99 million new shares at 38 sen each, representing 20% of its enlarged share base of 399.98 million shares, alongside an offer for sale of 19.99 million existing shares (5%). Based on a financial year ended Feb 28, 2025 (FY2025), with earnings per share of 2.55 sen, the pricing implies a price-earnings ratio of 14.91 times and a post-listing market capitalisation of RM151.99 million.
The exercise is expected to raise RM30.4 million. M&A Securities is acting as principal adviser, sponsor, sole underwriter and placement agent.
The IPO aims to enhance Manforce’s corporate profile, broaden its investor base and improve access to capital for expansion. The group plans to increase its workforce under management by 6,000, comprising 5,000 under client quotas and 1,000 under its own. As at FY2025, it managed 4,366 workers.
“Our immediate priority is to scale capacity in a disciplined manner, supported by sufficient liquidity and stronger operational systems,” says Wong.
Of the proceeds, RM14.74 million (48.5%) is allocated for recruitment expansion, RM4.64 million for information technology and operational system upgrades, and RM6.32 million for working capital. The remainder will cover listing expenses.
The IPO’s public portion was oversubscribed by 3.47 times, reflecting investor confidence in Manforce’s business model and growth prospects. With no direct comparables on Bursa, the listing could serve as a benchmark for future players in the foreign worker management space.
Wong says the group is encouraged by the response, as “it reflects investor confidence in Manforce’s business model, track record and growth plans”.
Manforce offers integrated, end-to-end solutions covering recruitment, human resources management, immigration, accommodation, payroll, medical services and permit renewals. It is also expanding into hostel management, though this segment contributed just 0.1% of FY2025 revenue of RM112.78 million.
“Our focus over the next 12 to 24 months will be on strengthening digital capabilities and expanding hostel management services, particularly through the development of the centralised labour quarters (CLQ) management system.
“This will support the management of residents and building facilities within CLQ, including areas such as maintenance, access control, safety and overall living environment,” says Wong.
Since Malaysia fully reopened its borders in 2022, Manforce’s business has been booming as economic activities normalised, which led to higher demand for foreign workers in the manufacturing, services and construction sectors.
Manforce’s revenue rose 73.7% to RM145.45 million in FY2024 from RM83.74 million the previous year, owing largely to a 157.5% jump in foreign worker management services revenue. In FY2025, revenue increased a further 24.5% to RM181.09 million, supported by an 18.9% rise in workers managed.
The group has scaled rapidly from just 1,449 workers in FY2023 to 4,366 in FY2025.
Net profit also climbed significantly, reaching RM10.19 million in FY2025 from RM2.39 million in FY2023, with margins improving to 5.6% from 2.9% in that period.
Manforce differentiates itself through proprietary digital platforms, including the Manforce Tracking System (MTS) and iPay payroll system. MTS enables real-time workforce management and reporting; and iPay automates salary calculations and payments.
The group plans to integrate both systems into a unified mobile application called SmartApp while developing a dedicated CLQ management platform.
“Our strategy focuses on value rather than competing purely on price. By managing recruitment, documentation, payroll, compliance, accommodation and welfare under one ecosystem, we help customers reduce administrative burden and compliance risk,” says Wong.
“At the same time, our digital platforms help streamline internal processes, reduce duplication and improve efficiency, which supports more disciplined cost management.”
He adds that the group’s long-term vision is to position Manforce as a trusted integrated workforce solutions provider, supporting both corporations and foreign workers through structured, compliant and technology-enabled services.
“We want to be recognised not as a traditional labour agency, but as a long-term workforce management partner that helps businesses manage manpower needs responsibly and efficiently,” he says.
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